This website publishes administrative rules on their effective dates, as designated by the adopting state agencies, colleges, and
universities.
| Rule |
Rule 4701-9-01 | Integrity and objectivity.
Effective:
December 14, 2012
(A) An Ohio permit holder shall maintain integrity and objectivity, shall not knowingly misrepresent facts, shall be free of conflicts of interest and shall not subordinate to others any professional judgment. (B) Notwithstanding rule 4701-11-01 of the Administrative Code, if an Ohio permit holder has a conflict of interest between the interest of a client or employer and another person, but the Ohio permit holder believes that professional services can be performed with integrity and objectivity, this rule shall not prohibit the performance of professional services by the Ohio permit holder if the conflict of interest is disclosed to, and consent is obtained from, such client or employer and the other person. (C) Disagreements over the application of acceptable alternatives permitted by the professional standards defined in Chapter 4701-9 of the Administrative Code do not result in any subordination of professional judgment.
Last updated July 27, 2021 at 4:24 PM
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Rule 4701-9-02 | General standards.
Effective:
April 28, 2011
(A) An Ohio permit holder shall only perform professional services that can reasonably be expected by the Ohio permit holder or the Ohio permit holder's registered firm to be completed with professional competence. (B) An Ohio permit holder shall exercise due professional care in the performance of professional services, including adequate planning and supervision of all professional activities for which the Ohio permit holder is responsible. (C) An Ohio permit holder shall obtain sufficient relevant data to afford a reasonable basis for conclusions or recommendations in relation to any professional services performed. (D) The provisions of this rule apply to a certified public accountant or public accountant who is engaged in the practice of public accounting or the performance of regulated services as defined by rule 4701-7-04 of the Administrative Code.
Last updated July 27, 2021 at 4:24 PM
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Rule 4701-9-03 | Generally accepted auditing standards.
Effective:
October 20, 2021
(A) An Ohio permit holder shall be
associated with audited financial statements only if the Ohio permit holder has
complied with the applicable generally accepted auditing standards defined in
paragraph (B), (C), or (D) of this rule. (B) Generally accepted auditing standards
applicable to audits of public companies required to register with the
"Securities and Exchange Commission" are defined as "Auditing
and Related Professional Practice Standards" issued by the "Public
Company Accounting Oversight Board" and published on its website
(www.pcaobus.org). (C) Generally accepted auditing standards
for federal agencies or entities receiving significant federal financial
assistance are defined as "Government Auditing Standards" issued by
the "Comptroller General of the United States" and published on the
"Government Accountability Office" website
(www.gao.gov). (D) Generally accepted auditing standards
for all entities except those specified in paragraph (B) or (C) of this rule
are defined as "Statements on Auditing Standards" issued by the
"American Institute of Certified Public Accountants" and published on
its website (www.aicpa.org). (E) An Ohio permit holder may comply with
one or more of the "International Standards on Auditing" issued by
the "International Auditing and Assurance Standards Board" and
published on the "International Federation of Accountants" website
(www.ifac.org) in the following cases: (1) The standards in
paragraph (B) or (C) of this rule, as applicable to the specific audit
engagement, do not prohibit the use of those standards. (2) The parent company of
the entity being audited is located in a foreign country and requires the use
of those standards.
Last updated October 20, 2021 at 9:33 AM
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Rule 4701-9-04 | Generally accepted accounting principles.
Effective:
October 20, 2021
(A) An Ohio permit holder shall not
express an opinion or state affirmatively that financial statements or
associated financial data of any entity are presented in conformity with
generally accepted accounting principles, or express any negative assurance
that such statements or data are in conformity with generally accepted
accounting principles in all material respects, unless the financial statements
and data are presented in conformity with generally accepted accounting
principles applicable to both the entity under examination and to the
particular engagement. Generally accepted accounting principles, including the
pronouncements defined in paragraph (D), (E), or (F) of this rule, and the
hierarchy of their application, are defined in the "Statements of
Financial Accounting Standards" issued by the "Financial Accounting
Standards Board" and published on its website (www.fasb.org). (B) If the financial statements or
associated data in paragraph (A) of this rule contain any departure from the
pronouncements defined in paragraph (D), (E), or (F) of this rule, as
applicable, that has a material effect on the financial statements and data,
then the Ohio permit holder cannot express an opinion on the financial
statements and data unless the Ohio permit holder follows the procedure defined
in paragraph (C) of this rule. (C) If the Ohio permit holder can
demonstrate that adherence to the pronouncements defined in paragraph (D), (E),
or (F) of this rule, as applicable, would result in misleading financial
statements or data due to unusual circumstances, the Ohio permit holder's
report must describe the departure from the pronouncements, the approximate
effects thereof, and the reasons why compliance with the pronouncements would
result in misleading financial statements or data. (D) The primary authoritative source of
generally accepted accounting principles for non-governmental entities are
defined as "FASB Accounting Standards Codification" published by the
"Financial Accounting Standards Board" and listed on its website
(www.fasb.org) (E) The primary authoritative source of
generally accepted accounting principles for state and local government
entities are defined as "Original Pronouncements: Governmental Accounting
and Financial Reporting Standards" and "Codification of Governmental
Accounting and Financial Reporting Standards" published by the
"Governmental Accounting Standards Board" and listed on its website
(www.gasb.org) (F) The primary authoritative source of
generally accepted accounting principles for federal government entities are
defined as "Original Pronouncements: Statements of Federal Financial
Accounting Concepts and Standards" and "Current Text: Statements of
Federal Financial Accounting Standards" issued by the "Federal
Accounting Standards Advisory Board" and published on its website
(www.fasab.gov). (G) An Ohio permit holder may comply with
one or more of the "International Financial Reporting Standards"
issued by the "International Accounting Standards Board" and
published on the "IFRS Foundation" website
(www.ifrs.org).
Last updated October 20, 2021 at 9:33 AM
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Rule 4701-9-05 | Attestation standards.
Effective:
October 20, 2021
(A) "Attestation engagement,"
is defined as an agreement that describes a business relationship between a
client and an Ohio permit holder or public accounting firm that defines the
scope, terms, and costs of the agreement in which the Ohio permit holder or
firm agrees to issue or does issue an examination report, a review report, or
an agreed-upon procedures report on subject matter, or an assertion about the
subject matter that is the responsibility of another party. (B) Examples of attestation engagements
include audits, financial forecasts and projections, reports on pro forma
financial information, reports on an entity's internal control over
financial reporting, compliance attestations, "WebTrust"
examinations, "SysTrust" examinations, and examinations or reviews of
a management's discussion and presentation prepared in accordance with the
rules and regulations adopted by the "Securities and Exchange
Commission." The listed examples are not intended to be
all-inclusive. (C) An Ohio permit holder shall not be associated with any
attestation engagement defined in paragraph (A) of this rule, unless the Ohio
permit holder or firm has complied with the applicable standards for
attestation engagements defined in paragraph (D) or (E) of this
rule. (D) Attestation standards for government agencies or
entities receiving significant federal financial assistance are defined in the
"Government Auditing Standards" issued by the "Comptroller
General of the United States" and published on the "Government
Accountability Office" website (www.gao.gov). (E) Attestation standards for all entities except those
specified in paragraph (D) of this rule are defined as "Statements on
Standards for Attestation Engagements" as part of "AICPA Professional
Standards" and published on its website (www.aicpa.org).
Last updated October 20, 2021 at 9:34 AM
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Rule 4701-9-06 | Accounting and review services standards.
Effective:
October 20, 2021
(A) An Ohio permit holder who is in the
practice of public accounting shall be associated with unaudited financial
statements only if the Ohio permit holder has complied with the applicable
accounting and review services standards defined in paragraph (B) of this
rule. (B) Accounting and review services
standards are defined as part of "Statements on Standards for Accounting
and Review Services" issued by the "American Institute of Certified
Public Accountants" and published on its website
(www.aicpa.org).
Last updated October 20, 2021 at 9:34 AM
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Rule 4701-9-08 | Consulting standards.
Effective:
October 20, 2021
(A) An Ohio permit holder or public
accounting firm shall be associated with a consulting engagement only if the
Ohio permit holder or firm has complied with the applicable standards for
consulting services defined in paragraph (B) of this rule. (B) Consulting services standards are
defined as part of "Statements on Standards for Consulting Services"
and "Statements on Standards for Valuation Services" issued by the
"American Institute of Certified Public Accountants" and published on
its website (www.aicpa.org).
Last updated October 20, 2021 at 9:34 AM
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Rule 4701-9-09 | Tax services standards.
Effective:
October 20, 2021
An Ohio permit holder who prepares a tax return, signs a tax return,
or recommends a tax return position for a client, employer, or other
third-party recipient of tax services shall comply with the applicable
standards for tax services defined as part of "Statements on Standards for
Tax Services" issued by the "American Institute of Certified Public
Accountants" and published on its website (www.aicpa.org).
Last updated October 20, 2021 at 9:34 AM
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Rule 4701-9-10 | Quality control standards.
Effective:
October 20, 2021
(A) A public accounting firm that
performs accounting and auditing services in accordance with the professional
standards defined in Chapter 4701-9 of the Administrative Code shall comply
with the applicable standards for quality control defined in paragraph (B) of
this rule. (B) Quality control standards are defined
as part of "Statements on Quality Control Standards" issued by the
"American Institute of Certified Public Accountants" and published on
its website (www.aicpa.org). (C) An Ohio permit holder or public
accounting firm may comply with one or more of the "International
Standards on Quality Control" issued by the "International Auditing
and Assurance Standards Board" and published on the "International
Federation of Accountants" website (www.ifac.org) if the standards in
paragraph (B) of this rule, as applicable to the specific accounting or
auditing engagement, permit the use of those standards.
Last updated October 20, 2021 at 9:34 AM
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